Back to school this week and so time for a little portfolio cleaning…which is the hardest part of investment management by far. The reason for this is quite clear: because you have to admit that you have been wrong at some level..

I must confess to not having expected the Italian imbroglio to become the lead story and, of course, that status may not last for long. However, looking at the sea of red on so many different screens it is hard to avoid. Figure 1 is the most dramatic depiction of…